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Privacy-focused cryptocurrencies stood out in a quarter otherwise defined by losses and instability across the digital asset sector. While crypto markets struggled with strained infrastructure, liquidations and disappointment, assets like Zcash surged, rising from roughly 50 in mid-September to nearly 700 by mid-November alongside increased use of its shielded addresses, which hide transaction data. Other long-established privacy projects, including Monero and Dash, also recorded relative gains as investors showed renewed interest in confidentiality-centric blockchain technology.
Analysts linked this outperformance to a shift toward defensive positioning in crypto, with privacy tokens categorized in the currencies subsector faring better than areas like smart contract platforms, financials and AI despite still posting a decline of more than 15 percent. Traditionally, Bitcoin has played this defensive role, yet its correlation to broader equity markets has grown in recent years. In Q4, that correlation weakened as structural stress and events like the October 10 liquidation drove investors to reassess risk and seek alternatives that offered privacy and potential protection. Source
NFT marketplaces like OpenSea and Magic Eden have responded to a collapse in NFT activity by expanding beyond collectibles and integrating fungible token trading to remain relevant. With the NFT market cap plunging 99 percent from its 2023 peak and trading volumes evaporating, these platforms have rebuilt their models to defend engagement and diversify revenue. OpenSea introduced OS2, a rebuilt platform enabling token trades across 19 blockchains, rewards features, and ambitions to support a broader range of digital assets. Although it briefly hit 2.41 billion in monthly DEX volume, that momentum quickly faded, illustrating that competition remains fierce and scale is hard to maintain.
Magic Eden has also added token trading through acquisitions like Slingshot while publicly downplaying its relevance, instead positioning itself for what it calls crypto entertainment. This includes virtual packs tied to real-world assets like Pokémon cards and the development of Dicey, a crypto casino and sportsbook, as it aims to evolve into the largest entertainment-focused crypto brand. Analysts argue these adaptations have stabilized user engagement and helped both marketplaces survive as cultural liquidity hubs, though long-term success will depend on whether they can offer distinct value and remain central to emerging digital economies rather than acting as interchangeable interfaces. Source
Grayscale Investments has filed an S-1 with the US Securities and Exchange Commission to list its Bittensor Trust (TAO) on NYSE Arca under the ticker GTAO, transitioning the product from its current over-the-counter structure. The filing follows more than a year after the trust’s initial launch and comes shortly after Bittensor’s first halving event, which aims to cap supply at 21 million tokens. At the time of the filing, TAO was priced around 222.54 and had seen volatile trading throughout 2025, rising above 560 in January before falling to about 220 in April. The SEC will review the registration before any listing moves forward, and its decision comes amid a period in which the agency has already approved several of Grayscale’s crypto ETP offerings, including those tied to Bitcoin and Ether.
Bittensor operates as a decentralized machine-learning network focused on AI services, originally launched in 2021 under the name Kusanagi. Grayscale’s push to list the TAO trust coincides with its broader ambitions, including a separate filing to list its Class A common stock on the New York Stock Exchange under the ticker GRAY as part of a planned IPO. That proposal, like Kraken’s confidential IPO filing following a multibillion-dollar valuation, underscores increased activity among US crypto firms despite market volatility and regulatory hurdles. Source
Crypto IPOs surged in 2025 as improved market conditions, retail enthusiasm, and political support opened the door for companies to access public markets at a scale not seen since Coinbase’s 2021 debut. Circle and Bullish finally went public after abandoned SPAC plans, with Circle’s NYSE listing triggering multiple trading halts due to intense early demand before momentum slowed alongside falling interest rates that threaten stablecoin reserve income. Bullish also experienced a strong market reception when it listed in August, while trading platform eToro reached a 5.4 billion valuation at its Nasdaq debut in May after reestablishing its crypto offerings post-SEC settlement. The movement reflected a broader shift from failed SPAC attempts toward traditional IPOs as confidence returned.
Kraken filed for its IPO after raising 800 million at a 20 billion valuation and aims to list once regulatory review is complete, positioning itself as one of the next major public entrants. Other firms such as BitGo, Grayscale, and Blockchain.com are exploring or considering listings, even as some, like FalconX, remain on the sidelines without formal filings. The year represented a turning point for the sector’s access to Wall Street, demonstrating that crypto companies can draw substantial investor interest and signalling the possibility of an even larger wave of listings in 2026 if market conditions remain supportive. Source
Nasdaq-listed Cypherpunk Technologies has significantly expanded its holdings of the privacy-focused cryptocurrency Zcash with a $29 million purchase of 56,418 tokens at an average price of $514 each, bringing its total to more than 290,000 ZEC, or around 1.76 percent of the circulating supply. The company aims to eventually secure 5 percent of the total 21 million token cap, believing that rising concerns over privacy will fuel long-term demand. Formerly known as Leap Therapeutics, the company rebranded to focus on digital assets and has seen its stock price surge from 0.44 to about 1.18 since its strategic shift, supported by backing from Winklevoss Capital.
Zcash, launched in 2016 as a Bitcoin fork using zero-knowledge proofs to shield transaction details, has surged more than 800 percent over the past year, outperforming Bitcoin amid renewed debates on privacy driven by AI and increasing digital oversight. Prominent crypto figures including Arthur Hayes have highlighted Zcash’s role in this environment, while some analysts caution a potential price pullback despite bullish sentiment pointing toward the 1,000 level. Source
The return of retail investors to crypto in 2026 may rely heavily on how aggressively the Federal Reserve continues to cut interest rates, following three reductions in 2025. Clear Street managing director Owen Lau argues that lower rates make traditional investments like bonds and deposits less appealing, driving both retail and institutional interest back to riskier assets such as Bitcoin and other cryptocurrencies. The Fed’s latest minutes signal that it is open to adjusting policy further if broader economic risks emerge, though market data from Polymarket suggests scepticism about near-term cuts, with low odds for January and stronger expectations for March.
The crypto market’s reaction to recent cuts has been volatile. Bitcoin rallied to a new high of 125,100 after the first cut in September 2025, only to suffer a major liquidation event days later, wiping out 19 billion in leveraged positions. Two more cuts followed in October and December, with internal disagreement among Fed members, and Bitcoin has since fallen nearly 30 percent from its peak to around 88,439. Market sentiment has deteriorated sharply, with the Crypto Fear and Greed Index sitting in “extreme fear” territory since mid-December and posting a score of 23, reflecting hesitation across the broader crypto landscape. Source
After Bitcoin surpassed 100,000 in December 2024 and later reached highs above 126,000 in 2025, long-dormant whales began selling after holding for 10 to 12 years or more. These large holders, typically defined as owning at least 1,000 BTC, moved billions in several waves throughout late 2024 and 2025, contributing to market volatility as supply increased. Analysts described the period as a great redistribution, with coins moving from early adopters to new investors amid ETF demand and institutional interest. Beyond profit-taking, some whales moved coins to participate in the growing trend of corporate digital asset treasuries modelled after firms stockpiling Bitcoin to hedge inflation or boost valuation.
One of the biggest events came in July 2025, when a whale who had held 80,000 BTC for 14 years sold nearly 9 billion worth through Galaxy for a Satoshi-era investor. The market absorbed the sale due to heavy demand from companies like Strategy adding to their treasuries, limiting negative price impact. Despite this, Bitcoin has fallen more than 30 percent from its October 2025 peak to around 86,000 by mid-December, raising questions about whether the typical four-year market cycle and expected bear market will repeat. Some analysts argue that new liquidity sources like ETFs and treasuries could break past patterns, shifting profit-taking dynamics and potentially altering future market structure. Source
Markethive is positioning itself to replicate the growth model seen with Binance by building a large, utility-driven ecosystem around its native token Hivecoin. Like Binance used BNB to fuel adoption through fee discounts and platform services, Markethive aims to make HVC central to transactions across its social media, marketing, and commerce network. The platform’s development is tied to real-world utility such as advertising, subscriptions, staking, and content incentives, with a focus on creating a self-sustaining economy rather than relying on speculative trading. Led by founder Thomas Prendergast, Markethive promotes itself as a long-term project rooted in decades of marketing technology experience, aiming to solve issues in digital platforms through decentralization, user empowerment, and blockchain infrastructure.
To accelerate its launch and attract participation ahead of its exchange listing, Markethive is introducing a large-scale incentive in 2025: an airdrop of up to 20 million HVC tied to user spending on platform services. The reward system uses escalating tiers that increase token allocation as annual spending grows, potentially offering significant returns if HVC achieves growth similar to BNB’s early price trajectory. The initiative is framed as a catalyst for expansion, intended to reward loyal users, stimulate internal activity, and demonstrate the token’s value through immediate use cases. Markethive emphasizes that this non-ICO approach supports regulatory caution and authentic adoption, and encourages members to scale subscriptions and purchases to help push the project toward an exchange launch and a broader market presence. Source
Federal Reserve policymakers are split on how many interest rate cuts to make in 2026, with projections ranging from zero to two cuts after bringing rates down to 3.5% to 3.75% in 2025. Median estimates suggest only one cut next year, keeping rates near their highest level since 2008. Upcoming Fed meetings in January and March will be key, with current market expectations showing low odds of early cuts. Analysts say internal divisions, shifting economic data, and the May arrival of a new Fed chair could add to the uncertainty. Labor markets, inflation trends influenced by tariffs, and growth forecasts remain the main data points shaping policy direction.
Crypto analysts expect the Fed’s decisions to directly influence Bitcoin and the broader market, with predictions ranging from a cautious single cut to two cuts if inflation cools and unemployment rises. Two cuts and continued Treasury bill buybacks could increase liquidity and fuel a crypto rally, while a pause in cuts and halted buybacks due to resurgent inflation could trigger sharp market declines. Some market participants had hoped for a more aggressive dovish pivot and end to quantitative tightening, but the current stance tempers expectations for a new liquidity cycle. Even so, a leadership change could shift sentiment, and any rate easing historically pushes investors toward higher-risk assets like crypto, potentially boosting demand as yields on traditional products fall. Source
Ethereum set a new record with 2.2 million transactions processed on its layer 1 mainnet in a single day, while average fees dropped to around 17 cents. This marks a major shift from May 2022, when fees peaked above 200 per transaction, and even from October when they were around 8.48 during market turmoil. The drop in fees and rising activity suggest users are returning to the base layer after previously shifting to cheaper layer 2 solutions. Developers are also increasingly relying on Ethereum as a settlement layer, with smart contract deployments reaching 8.7 million in Q4, indicating growing utility and confidence in the network.
Two major upgrades in 2025 appear to have played a role in this trend. The Pectra upgrade improved validator operations and staking flexibility, while Fusaka raised the gas limit from 45 million to 60 million and boosted scalability and efficiency after more than half of validators supported the change. These improvements coincided with growth in staking momentum, as more ETH is now lining up to enter staking than exit, signaling long-term confidence from validators. Combined, higher throughput, lower fees, and increased network participation point to expanded usage and stronger fundamentals for Ethereum heading into the future. Source
Prediction markets experienced a dramatic surge in 2025, reaching over 2 billion in weekly volume as regulatory hostility eased and mainstream adoption accelerated. Platforms like Polymarket and Kalshi benefited from the CFTC’s shift from enforcement to hosting public roundtables, while deals with CNN, CNBC, Google, the NHL, and UFC signaled that prediction markets were moving beyond crypto niches into popular culture. The sector also attracted major players such as Robinhood, DraftKings, FanDuel, and Gemini, though analysts note that early leaders had already established dominant user bases and deep market liquidity, creating high barriers for newcomers. Cultural nods like a South Park episode further highlighted the growing mainstream awareness of these markets, which allow users to bet on outcomes ranging from elections to sports and economic indicators.
Industry growth was supported by strategic acquisitions, partnerships, and product launches throughout 2025. Polymarket acquired QCX to re-enter the U.S. market, secured UFC and Yahoo Finance partnerships, and received a 2 billion investment valuing the platform at 9 billion. Limitless and Myriad reported significant volume growth and expanded distribution, while Gemini obtained CFTC approval to offer event contracts. Traditional betting companies, including DraftKings and FanDuel, also entered the space, reflecting the sector’s rising prominence. Analysts describe prediction markets as entering an early stage of expansion, reminiscent of the early DeFi era, with professional-grade interfaces, trading terminals, and experimental use cases signaling the creation of a new financial ecosystem. Source
The stablecoin market surged in 2025, reaching a market capitalization of 306 billion by December, up 49% from the start of the year, driven by regulatory clarity and institutional adoption. The GENIUS Act, signed into law in July, established the first federal framework for stablecoins in the U.S., providing much-needed market certainty. Major issuers such as Circle, Ripple, and Paxos received provisional banking charters from the OCC, signaling deeper mainstream integration. Institutional support also expanded as companies like Stripe and PayPal rolled out stablecoin payment solutions globally, while Circle completed a highly anticipated IPO, reflecting growing investor confidence and adoption of stablecoins as a financial tool.
Despite the overall growth, not all issuers had a smooth year. Tether’s USDT faced a downgrade from S&P Global Ratings due to concerns about reserve composition, highlighting ongoing risks in stablecoin backing. Meanwhile, the OCC continued granting provisional banking charters to key players, and the FDIC announced plans to propose regulatory frameworks and prudential standards under the GENIUS Act, aiming to further stabilize the market. These developments, alongside strong institutional uptake and supportive regulation, position stablecoins for continued growth, greater legitimacy, and broader adoption as a cornerstone of the digital financial ecosystem. Source
South Korean lawmakers have postponed the submission of a cryptocurrency bill that would allow the issuance of domestic stablecoins, with expectations now set for 2026. The delay stems from unresolved issues and disagreements with relevant organizations, particularly stablecoin issuers. The Digital Asset Basic Act, proposed by the ruling Democratic Party, aims to permit stablecoins pegged to the won and would require issuers to entrust all reserve assets to authorized custodians, such as banks. The bill is seen as a potential boost to South Korea’s crypto market, but officials are still working through key regulatory challenges.
Disputes over the bill include whether a designated group should be authorized to oversee stablecoin issuers before approval and the extent of financial institutions’ involvement in stablecoins, with regulators considering measures to encourage tech company participation. The move aligns with President Lee Jae-myung’s campaign promises to support local stablecoin issuance, allow the national pension fund to invest in digital assets, and back Bitcoin-linked exchange-traded funds. Source
Crypto ATMs in 2025 came under intense scrutiny as authorities and lawmakers sought to tackle a rising number of scams targeting U.S. consumers, particularly older Americans. Reports indicated that Americans lost $246 million to these scams, a 99% increase from the previous year, with nearly half of the losses affecting people over 60. Scams often involved victims converting cash into cryptocurrency at ATMs and sending it to fraudsters posing as government officials, businesses, or tech support. Some incidents were unusually creative, such as Massachusetts residents being defrauded over supposed missed jury duty payments. Law enforcement responses included lawsuits from state attorneys general against major operators and direct interventions at ATM sites, sometimes using power tools to recover cash.
Operators of crypto ATMs argue their machines provide valuable access to digital assets, but critics say more safeguards are needed to protect vulnerable populations. Lawsuits and legislation highlighted issues with hidden fees, lack of refunds for scam victims, and the technical complexity of using crypto wallets. While federal regulatory efforts, including the Crypto ATM Fraud Prevention Act, have stalled, over a dozen U.S. states have introduced measures limiting transactions, requiring registration, and issuing scam warnings. Meanwhile, global approaches vary, with countries like New Zealand banning crypto ATMs entirely to prevent criminal misuse. Despite regulatory challenges, the U.S. remains home to the majority of crypto ATMs worldwide, reflecting the ongoing tension between accessibility and consumer protection. Source
A Coinbase executive cautioned that changes to the U.S. stablecoin framework could undermine the competitiveness of dollar-backed stablecoins just as China moves to expand the appeal of its digital yuan. Faryar Shirzad, Coinbase’s chief policy officer, highlighted that debates over whether U.S.-issued stablecoins can provide rewards under the GENIUS Act could disadvantage American stablecoins in the global market. China’s central bank recently announced that, starting January 2026, commercial banks will be able to pay interest on balances held in digital yuan wallets, elevating the CBDC from a digital cash substitute to a more integrated financial tool for asset and liability management.
The warning coincides with concerns that bank lobbyists are seeking to reopen the GENIUS Act, which currently sets reserve and compliance requirements while prohibiting issuers from offering direct interest. Coinbase CEO Brian Armstrong called any attempt to revise the law a “red line,” arguing that banks are trying to protect their deposit base by limiting stablecoin rewards. Industry figures warn that mismanaging this issue could give non-U.S. stablecoins and rival CBDCs a significant competitive advantage, while stablecoin platforms themselves could eventually offer yield-sharing opportunities once banks recognize the potential. Source
Former Binance CEO Changpeng Zhao praised Pakistan for its rapid adoption and regulation of cryptocurrency, suggesting the country could become a global crypto leader by 2030 if it maintains its current momentum. CZ highlighted Pakistan’s leadership for recognizing the demand for digital assets among its young and tech-savvy population and commended the country’s ability to implement policies quickly. In 2025, Pakistan established the Pakistan Virtual Assets Regulatory Authority, allowed exchanges like Binance and HTX to operate locally, built a Bitcoin reserve, and explored tokenization of real-world assets to attract foreign investment and increase market liquidity.
CZ also emphasized the potential benefits of tokenizing Pakistan’s stock market, noting that allowing global investors to purchase tokenized stocks would bring direct investment into the country. He encouraged Pakistan to act quickly on tokenization initiatives, warning that early adopters gain the most advantage. For individuals and smaller businesses, CZ said blockchain offers lower barriers to entry compared to traditional banking or AI ventures, making it an ideal platform for entrepreneurship. He stressed the need for more education, university programs, and incubators to support innovation in the crypto sector. Source
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
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